Renters across Canada continued to pay substantially more to keep a roof over their head last month, as prices jumped almost 12% from one year ago.
The latest monthly report from Rentals.ca showed that rent prices for all property types rose 11.8% to an average of $1,976 in October. Landlords charged an average of $209 more per month from last year, and 7% more compared to the pre-pandemic high of $1,845 reported in October 2019. In fact, last month’s annual rental hike is more than twice the annual increase in Canadians’ average hourly wages, as per figures published by Statistics Canada.
Canadians living in the hot housing markets of Vancouver and Toronto were paying the highest rent, with prices reaching $2,576 and $2,478 respectively. The most affordable rents for major cities with populations over 1 million were Calgary and Edmonton, where rental costs stood at $1,717 and $1,273, respectively, in October.
Regionally, rental prices increased the most in Atlantic Canada, rising 32.2% year-over-year for condo and purpose-built units. Conversely, the prairie provinces were the most affordable places to rent, with rent growth rising only 4.9% in Manitoba and 9.7% in Saskatchewan, while renters in Quebec only paid 3.3% more compared to October 2021.
Information for this briefing was found via Rentals.ca. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
